Oil&Gas Advancement https://www.oilandgasadvancement.com/ Tue, 06 Jun 2023 15:35:10 +0000 en-US hourly 1 https://wordpress.org/?v=6.0.5 A Dedicated Pipeline By China For Green Hydrogen Transport https://www.oilandgasadvancement.com/news/a-dedicated-pipeline-by-china-for-green-hydrogen-transport/?utm_source=rss&utm_medium=rss&utm_campaign=a-dedicated-pipeline-by-china-for-green-hydrogen-transport Tue, 06 Jun 2023 15:33:13 +0000 https://www.oilandgasadvancement.com/uncategorized/a-dedicated-pipeline-by-china-for-green-hydrogen-transport/ China is set to construct an extensive pipeline network to transport hydrogen from its wind and solar energy-rich northern and northwestern regions to the southern and eastern markets. This decision comes in response to the tremendous demand for hydrogen, which is projected to reach 100 million tonnes annually by 2060. Presently, China’s hydrogen plants are […]

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China is set to construct an extensive pipeline network to transport hydrogen from its wind and solar energy-rich northern and northwestern regions to the southern and eastern markets. This decision comes in response to the tremendous demand for hydrogen, which is projected to reach 100 million tonnes annually by 2060.

Presently, China’s hydrogen plants are primarily located in the northwest, northeast, and midwest regions, where abundant solar and wind resources are available, and the refining and chemical industries are concentrated. However, to meet the demand in the eastern and southern areas, there is a need to transport hydrogen, whether it is grey or green, to these markets.

China plans to establish a nationwide hydrogen pipeline grid by 2050, spanning 6,000 kilometers and connecting regions such as Ningxia, Inner Mongolia, Hebei, Beijing, Tianjin, and Heilongjiang. This network will provide offering accessibility to hydrogen asset owners and traders as a national hydrogen pipeline network.

Sinopec, one of the major energy companies in China, will construct a pipeline dedicated to transporting green hydrogen from Inner Mongolia to Beijing. This West-East hydrogen pipeline will span 400 kilometers, passing through nine counties and cities across three provinces. The project entails implementing a wind energy-based electrolysis system for hydrogen production,  building an onshore wind farm, and establishing an export pipeline. In the initial phase, the pipeline will have a throughput capacity of 100,000 tonnes per annum, which can be expanded to 500,000 tonnes per annum in the future.

In March, PetroChina began the construction of China’s first pipeline dedicated to transporting green hydrogen. This pipeline, stretching six kilometers, will transport green hydrogen produced at the Yumen oilfield in Gansu province. The hydrogen will originate from a power-to-liquids demonstration project that utilizes a PV-electrolysis system to convert solar energy from a 160-megawatt photovoltaic station into hydrogen. Once completed in early next year, the project will have an annual production capacity of 7,000 tonnes of green hydrogen and generate 278-kilowatt hours of electricity per year, contributing to a reduction of 220,000 tonnes per annum in carbon dioxide emissions.

Currently, China has only three hydrogen pipelines, all spanning less than 100 kilometers. In contrast, globally, the majority of the 5,000-kilometre hydrogen pipeline network is controlled by Air Products, Air Liquide, and Linde.

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Key Actions For Emission Reduction In Oil And Gas Sector https://www.oilandgasadvancement.com/news/key-actions-for-emission-reduction-in-oil-and-gas-sector/?utm_source=rss&utm_medium=rss&utm_campaign=key-actions-for-emission-reduction-in-oil-and-gas-sector Thu, 25 May 2023 07:29:03 +0000 https://www.oilandgasadvancement.com/uncategorized/key-actions-for-emission-reduction-in-oil-and-gas-sector/ The oil and gas sector aims to reduce emissions by 60% by 2030, requiring an upfront investment of £600bn. This amount is only 15% of the sector’s windfall income from the energy crisis in 2022. By implementing small price increases and savings, the industry can quickly recover the invested funds. The International Energy Agency (IEA) […]

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The oil and gas sector aims to reduce emissions by 60% by 2030, requiring an upfront investment of £600bn. This amount is only 15% of the sector’s windfall income from the energy crisis in 2022. By implementing small price increases and savings, the industry can quickly recover the invested funds.

The International Energy Agency (IEA) not only provides a roadmap to limit global temperature rise to 1.5°C but also ensures universal access to modern energy by 2030. The decline in oil and gas demand will be steep enough to avoid developing new fields. Key actions include eliminating non-emergency flaring, reducing methane emissions, adopting carbon capture and storage (CCUS), electrifying facilities, and increasing the use of low-emissions hydrogen. Offsets are not necessary, but company commitments to these measures are currently insufficient, with most planning to rely on offsets to reach their targets.

Currently, oil and gas operations account for 15% of global energy-related emissions (5.1 billion tonnes of greenhouse gases). The IEA’s Net Zero Emissions by 2050 Scenario aims to reduce emissions intensity by 50% by the end of the decade, resulting in a 60% reduction in oil and gas emissions by 2030.

Fortunately, the oil and gas industry can address emissions through cost-effective measures such as methane reduction, eliminating non-emergency flaring, electrification, carbon capture, and expanding low-emissions hydrogen use. To achieve a 50% reduction in emissions intensity by 2030, an investment of $600bn is necessary. This represents a fraction of the industry’s windfall income in 2022.

Implementing these measures not only reduces emissions but also leads to additional income streams through the avoidance of gas waste. The upfront spending can be quickly recouped. The incremental cost of oil and gas production would be under $2 per barrel.

However, current commitments from companies are inadequate, with most lagging behind the pace set by the IEA’s scenario and relying on offsets. Forward-thinking companies must move faster than the average reduction rate and encourage others to join their efforts. To gain public confidence, a consistent approach to monitoring, reporting, and verifying emissions is crucial, based on accurate and transparent data.

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Role of Hydrogen Fuel In The Future of Restoration Ecology https://www.oilandgasadvancement.com/news/role-of-hydrogen-fuel-in-the-future-of-restoration-ecology/?utm_source=rss&utm_medium=rss&utm_campaign=role-of-hydrogen-fuel-in-the-future-of-restoration-ecology Wed, 17 May 2023 09:12:31 +0000 https://www.oilandgasadvancement.com/uncategorized/role-of-hydrogen-fuel-in-the-future-of-restoration-ecology/ The world is on a constant quest for more sustainable living, leading to the emergence of hydrogen fuel. Hydrogen fuel cells have gained popularity in restoration ecology due to their ability to power equipment without harmful emissions. This innovation enables experts to restore damaged ecosystems while minimizing their carbon footprints. The Rise of Hydrogen Fuel […]

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The world is on a constant quest for more sustainable living, leading to the emergence of hydrogen fuel. Hydrogen fuel cells have gained popularity in restoration ecology due to their ability to power equipment without harmful emissions. This innovation enables experts to restore damaged ecosystems while minimizing their carbon footprints.

The Rise of Hydrogen Fuel

Hydrogen fuel has recently garnered significant attention, driven by the growing demand for clean energy alternatives independent of fossil fuels. As a zero-emission power source, hydrogen fuel presents an attractive option for various industries.

One reason behind hydrogen fuel’s popularity is its versatility. It can power a wide range of vehicles, including cars, buses, trains, and aeroplanes. Additionally, it plays a role in restoration ecology by helping experts restore damaged ecosystems while minimizing carbon footprints.

Hydrogen fuel cells operate by converting chemical energy into electrical energy via the process of electrolysis. Combining hydrogen with oxygen produces electricity and water as a byproduct, making it an exceptionally eco-friendly solution.

Why Should You Consider Using Hydrogen Fuel in Restoration Ecology?

Hydrogen fuel’s increasing prominence in restoration ecology stems from its numerous benefits. One significant advantage is its emission-free nature, providing an eco-friendly alternative to traditional fossil fuels.

Utilizing hydrogen as an energy source helps reduce reliance on non-renewable resources, paving the way towards a more sustainable future. This shift can have a profound impact on the environment and aid in mitigating climate change.

Another benefit is increased efficiency. Hydrogen-powered vehicles have been found to be significantly more efficient than gasoline or diesel counterparts, requiring less fuel for longer journeys.

Moreover, hydrogen fuel aligns well with remote locations lacking infrastructure, offering clean and reliable energy sources to off-grid communities.

Challenges in Utilizing Hydrogen Fuel for Restoration Ecology

While hydrogen fuel holds promise for the restoration of ecology, several challenges must be addressed. The cost of producing and storing hydrogen fuel remains a significant hurdle. Currently, the production of large quantities of hydrogen using renewable energy sources can be expensive, limiting its usage in restoration efforts.

Furthermore, the lack of infrastructure for large-scale distribution and utilization poses a challenge. Even with reduced production costs, it may not be feasible to transport and store sufficient hydrogen to power heavy machinery and vehicles used in restoration projects.

It is essential to take into account the safety implications associated with storing and transporting highly flammable hydrogen gas. Although advancements have been made in developing safe storage solutions, accidents involving the release of stored hydrogen could have severe consequences.

Additionally, resistance from industries or individuals facing financial losses due to a shift away from traditional fossil fuels may impede adoption.

Hydrogen Fuel in Restoration Ecology: The Future

As technology continues to advance, hydrogen fuel is poised for further growth in restoration ecology. Researchers are consistently devising fresh approaches to produce and harness hydrogen, enhancing its affordability and sustainability for endeavors aimed at ecological restoration.

One potential application lies in fuel cells, converting hydrogen’s chemical energy into electrical energy to power restoration tools and equipment. Hydrogen-powered vehicles, such as trucks and boats, could transport materials and personnel more efficiently than fossil fuel-powered counterparts.

Another advantage is hydrogen fuel’s potential to reduce carbon emissions. Transitioning industries away from fossil fuels to renewable sources like hydrogen could lead to a significant reduction in greenhouse gases contributing to climate change.

Nevertheless, before widespread adoption can occur, challenges must be overcome. A crucial obstacle is the lack of infrastructure for large-scale production and distribution. Investments are necessary to ensure that smaller organizations and communities have access to clean energy sources like hydrogen.

Despite the obstacles, experts maintain a positive outlook on the utilization of hydrogen fuel in ecological restoration endeavors. Continued research and investment in this promising technology may drive significant progress towards a more sustainable future for our planet’s ecosystems.

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Blending LPG And Biogas: A Cleaner Energy Solution For India https://www.oilandgasadvancement.com/news/blending-lpg-and-biogas-a-cleaner-energy-solution-for-india/?utm_source=rss&utm_medium=rss&utm_campaign=blending-lpg-and-biogas-a-cleaner-energy-solution-for-india Wed, 17 May 2023 05:51:49 +0000 https://www.oilandgasadvancement.com/uncategorized/blending-lpg-and-biogas-a-cleaner-energy-solution-for-india/ The Energy Transition Advisory Committee (ETAC) under the Ministry of Petroleum and Natural Gas has released a report titled ‘The Green Shift’ which outlines several policy recommendations for transitioning to clean energy solutions in India. The committee, led by Tarun Kapoor, ex-Secretary in the petroleum ministry, aims to increase the adoption of clean energy sources […]

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The Energy Transition Advisory Committee (ETAC) under the Ministry of Petroleum and Natural Gas has released a report titled ‘The Green Shift’ which outlines several policy recommendations for transitioning to clean energy solutions in India. The committee, led by Tarun Kapoor, ex-Secretary in the petroleum ministry, aims to increase the adoption of clean energy sources and reduce carbon emissions.

One of the recommendations is the blending of liquid petroleum gas (LPG) with compressed biogas made from urban waste. This initiative promotes the use of renewable energy sources and helps in reducing dependence on fossil fuels. Additionally, the report suggests using Methanol and Ethanol as cooking fuels and emphasizes the need to popularize these options by introducing user-friendly products. This move would further contribute to reducing carbon emissions in the cooking sector.

To further promote clean cooking practices, the committee proposes the widespread use of electric or solar-based cooking systems. Their target is to have 25% of households using electricity for cooking purposes by 2030. The report also emphasizes the importance of incentivizing the usage of green hydrogen for future projects. Green hydrogen, produced using renewable energy sources, has the potential to significantly reduce carbon emissions and contribute to a greener energy sector.

The report also addresses the need for reducing carbon emissions in the surface transport sector. It highlights the importance of standardizing electric two-wheelers to facilitate the development of charging infrastructure and promote battery swapping. Additionally, the committee recommends phasing out diesel-driven four-wheelers in highly polluted areas and major cities by 2027. In the long term, a complete ban on internal combustion engine two or three-wheel vehicles is proposed by 2035. During this transition period, the report stresses the significance of providing policy support for ethanol-blended fuel, gradually increasing the blend ratio to reduce carbon emissions from the transportation sector.

The committee also highlights the need for a transition towards clean fuel urban public transport. They propose prohibiting the addition of diesel city buses in urban areas, aiming to achieve a fully clean and sustainable public transportation system within approximately ten years. The report stresses the importance of providing the necessary support and creating an ecosystem for electric vehicle (EV)-based mobility through policy and financial measures.

The railway sector is also addressed in the report, which recommends increasing the share of cargo transported by railways from the current 23% to over 50%. By promoting rail transport for cargo, India can significantly reduce carbon emissions associated with road transportation and enhance the efficiency of freight logistics.

The report highlights India’s commitment to global climate goals as well. Prime Minister Narendra Modi, at the COP26 summit in Glasgow, pledged to achieve five ambitious goals known as the “Panchamrit” pledge. The same includes hiiting 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewable sources, reducing emissions by 1 billion tons by 2030, reducing emissions intensity of GDP by 45%, and achieving net-zero emissions by 2070. These commitments demonstrate India’s determination to play an active role in combating climate change and transitioning to a sustainable energy future.

The report acknowledges the global recognition of the adverse impacts of single-use plastic on terrestrial and aquatic ecosystems, including marine environments. It highlights the importance of addressing pollution caused by single-use plastic items, which has become a significant environmental challenge worldwide.

India has also been advocating for climate finance for developing countries, highlighting the comparatively low per capita emissions in these nations. The country seeks to ensure that carbon mitigation efforts receive adequate financial support and is engaging in discussions related to climate finance, including its definition and implementation.

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Turkmenistan Plans To Export Natural Gas To European Nations https://www.oilandgasadvancement.com/news/turkmenistan-plans-to-export-natural-gas-to-european-nations/?utm_source=rss&utm_medium=rss&utm_campaign=turkmenistan-plans-to-export-natural-gas-to-european-nations Thu, 04 May 2023 11:22:01 +0000 https://www.oilandgasadvancement.com/uncategorized/turkmenistan-plans-to-export-natural-gas-to-european-nations/ Turkmenistan is on the verge of developing a pipeline to export natural gas across Europe. This is in addition to the ongoing construction of the TAPI pipeline, which is moving at a rapid pace, as per the country’s president, Serdar Berdimuhamedov, who was speaking at an investors forum in Dubai on April 26. As per […]

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Turkmenistan is on the verge of developing a pipeline to export natural gas across Europe. This is in addition to the ongoing construction of the TAPI pipeline, which is moving at a rapid pace, as per the country’s president, Serdar Berdimuhamedov, who was speaking at an investors forum in Dubai on April 26. As per his presentation at the forum, the East-West pipeline will supply gas across the Caspian Sea.

The president added that foreign investors are indeed welcome to be a part of the TAPI gas pipeline, which will run to India through Afghanistan and Pakistan. It is well to be noted that the natural gas that is transported through pipelines happens to be more attractive as compared to LNG since it doesn’t have to be shipped and therefore has lower emissions, said the CEO of TAPI Pipeline, Muhammetrmyrat Amanov, at the conference. The pipeline will go on to contribute in terms of reduced CO2 emissions and also help in meeting goals as far as the Paris Agreement is concerned, in addition to the sustainability of the TAPI countries.

It is well to be noted that Turkmenistan is developing projects so as to lower emissions, including a 10 MW solar wind power plant, as per the organisers of the forum. Construction for the same has begun and is anticipated to start operations by January 2024 at Altyn Asyr Lake.

Country’s energy minister, Hajymuhammet Rejepmyradov says Turkmenistan itself is developing projects to lower emissions, including a 10 MW solar-wind power plant, according to organisers of the forum. Construction has begun and is expected to start operations in January next year at Altyn Asyr Lake.

Notably, the country happens to be the world’s fourth largest emitter of methane from oil and gas production with 4.9 million metric tonnes per year, positioned after Russia, the US, and Iran, confirmed the principal lead of the Energy Transition, COP 28 UAE, Saamir Elshihabi.

Significantly, the UAE has made investments in oil, gas, and renewable energy sectors across Turkmenistan in the last couple of decades through Dragon Oil, ADNOC, and Masdar, and the country is confident that this support is going to further serve Turkmenistan as an international provider, said Ahmed Ali al Sayeh, the UAE Minister of State.

The fact is that Turkmenistan has the fourth-largest gas reserves in the world after Qatar, Iran, and Russia. It has around 50 Tcm of proven reserves, the Chairman of Turkmengaz, Batyr Amanov, said at the forum. At present, the second-stage drilling contract for the Galkynysh Gas Field is being negotiated.

It is well to be noted that Turkmenistan stands as the largest supplier of gas through pipelines to China, said President of CNPC Middle East, Wang Guihai. ADNOC has gone on to participate in the refining, drilling, trading, upstream, and infrastructure of Turkmenistan for the last 15 years, as per the EVP of ADNOC International, Mohamed Saif al Aryani.

In yet another development, Turkey too is all set to begin working on the transit of gas to Europe from Turkmenistan, as per a statement by Recep Erdogan, the Turkish President, in December last year.

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Europe Must Cut Its Gas Demand Or Face Supply Challenges https://www.oilandgasadvancement.com/news/europe-must-cut-its-gas-demand-or-face-supply-challenges/?utm_source=rss&utm_medium=rss&utm_campaign=europe-must-cut-its-gas-demand-or-face-supply-challenges Sat, 29 Apr 2023 09:27:04 +0000 https://www.oilandgasadvancement.com/uncategorized/europe-must-cut-its-gas-demand-or-face-supply-challenges/ Research from McKinsey & Company, a consulting firm, is of the opinion that Europe may very well have to cut its demand for gas by almost 55 billion cubic metres in 2023. Failure to do so would put nations at substantial risk because of a rebound within the Asian markets and also reductions in imports […]

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Research from McKinsey & Company, a consulting firm, is of the opinion that Europe may very well have to cut its demand for gas by almost 55 billion cubic metres in 2023.

Failure to do so would put nations at substantial risk because of a rebound within the Asian markets and also reductions in imports from Russia. The study goes on to find out that the ongoing restrictions on oil and gas sources from Russia could not knock out almost 25 billion cubic metres of supplies.

That said, a refreshed thirst for LNG from countries in Asia may soak up almost 35 bcm, and a much colder winter could very well boost the demand even more.

As per the latest article from Mckinsey, 57% of the EU manufacturers will not be able to reduce their gas consumption further while also maintaining their output for the next couple of years.

This means a further gas rationing measure could also sustainably impact the European Union’s economy. Even if Europe goes on to meet its RePowerEU objectives in order to lessen gas consumption and also enhance energy efficiency, there is a significant amount of risk coming in from probable supply disruptions and volatile gas rates.

Because of this, the consultancy firm predicts that Europe may as well need to elongate the phase-out when it comes to coal, extend the lifetime of nuclear plants, and at the same time speed up the widening of renewable energy sources so as to reduce the dependence on gas as a baseload.

It has also been found that sustained disruptions when it comes to the supply chain, slow permitting of the processes, and a lack of skilled workforce for the installation of renewables could slow down the required pace when it comes to RES development across Europe.

Namit Sharma, one of the senior partners at McKinsey, opines that their analysis does show there is a bandwidth so as to further reduce the gas demand from Europe without having to do substantial damage to its economy. If, in fact, the EU goes on to achieve all its gas savings measures, there could be a 24% reduction in consumption, although probable factors like stiffer competition from Asia could go on to reduce the supply chain of Europe to an even greater extent.

The numerous variables that are at play may also produce a significant amount of uncertainty, and Europe’s businesses may have to be completely prepared to mitigate these risks. This may also require the businesses to consider the diversification factor when it comes to sourcing their energy, as well as managing the demand, precisely monitoring movements within the energy market, and also investing in natural gas substitutes.

The consulting firm has pointed to many actions that can be taken by businesses to enable them to navigate energy market fickleness and disruption. These actions include the procurement of energy as well as energy management, security of supply, management in terms of the risks involved, and monitoring of signs.

According to a senior partner at McKinsey, Thomas Vahlenkamp, if Europe can go on to sustain as well as accelerate numerous reductions in gas measures, the market should remain balanced without going through prominent price increases in the years to come. According to him, Europe can drive demand reduction when it comes to sustainable gas by speeding industrial electrification developments such as fuel switching and through longer lifetime extensions when it comes to nuclear and coal.

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Bulgaria, Greece Ink Plans For Bidirectional H2 Distribution https://www.oilandgasadvancement.com/news/bulgaria-greece-ink-plans-for-bidirectional-h2-distribution/?utm_source=rss&utm_medium=rss&utm_campaign=bulgaria-greece-ink-plans-for-bidirectional-h2-distribution Thu, 27 Apr 2023 14:16:30 +0000 https://www.oilandgasadvancement.com/uncategorized/bulgaria-greece-ink-plans-for-bidirectional-h2-distribution/ Bulgartransgaz EAD, the Bulgarian gas transmission system operator, and its Greek peer, DESFA SA, are collaborating on the creation of two hydrogen projects across their respective territories, which could perhaps form the basis for a future route right from Southeastern to Central Europe. As per the Bulgarian company, it is being mentioned in its draught […]

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Bulgartransgaz EAD, the Bulgarian gas transmission system operator, and its Greek peer, DESFA SA, are collaborating on the creation of two hydrogen projects across their respective territories, which could perhaps form the basis for a future route right from Southeastern to Central Europe.

As per the Bulgarian company, it is being mentioned in its draught Ten-Year Network Development Plan for the 2023–2032 period, for which it opened a public consultation on April 21.

Mentioned in the plan is an infrastructure project that is worth almost EUR 860 million, not including VAT, and envisages the formation of a 250-kilometre pipeline that would stretch from Bulgaria’s Sofia region to Greece’s Sidirokastro.

The pipeline is to be suitable for transporting almost 100% hydrogen and shall go on to create conditions when it comes to hydrogen’s bidirectional cross-border transmission between both countries.

It is well to be noted that the project on the Bulgarian side happens to be in the early phase of development and is anticipated to be commissioned by 2029, as per the document.

Bulgartransgaz has gone on to say that the scheme happens to have the full potential to be awarded the stature to fall under Important Project of Common European Interest- IECEI.

Bulgartransgaz also states in the document that it intends to retrofit the present infrastructure related to gas transmission within the country so as to ensure its suitability for functioning with up to 10% hydrogen.

The cost of this upgrade is anticipated to touch EUR 438 million, excluding VAT. The interested parties of the concerned operation can share their opinions, comments, and proposals on the draught 10-year plan by April 30.

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Kazakhstan Offers Above 50 Oil & Gas Fields For Exploration https://www.oilandgasadvancement.com/news/kazakhstan-offers-above-50-oil-gas-fields-for-exploration/?utm_source=rss&utm_medium=rss&utm_campaign=kazakhstan-offers-above-50-oil-gas-fields-for-exploration Tue, 18 Apr 2023 14:35:11 +0000 https://www.oilandgasadvancement.com/uncategorized/kazakhstan-offers-above-50-oil-gas-fields-for-exploration/ In a recent move, Kazakhstan has gone on to invite energy companies as well as investors so as to bid on more than 50 oil and gas fields and also prospective blocks across the country, thereby hoping for a largely successful run when it comes to finding new operators for the state-held resources. As per […]

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In a recent move, Kazakhstan has gone on to invite energy companies as well as investors so as to bid on more than 50 oil and gas fields and also prospective blocks across the country, thereby hoping for a largely successful run when it comes to finding new operators for the state-held resources.

As per a statement from the energy ministry of Kazakhstan, the offered asset list includes 11 existing fields as well as 45 prospective acreages in which more efforts will have to be put up so as to pinpoint hydrocarbon reserves that are commercially viable. The identified fields happen to be small assets that are located primarily in the country’s two oil provinces of Atyrau and Mangistau. They are expected to raise interest in privately owned domestic setups that are already operational in those areas.

Before, online auctions used to attract only investors based out of Kazakhstan; however, the Chinese operators who are already based in the country have gone on to show immense interest. With this new development, the ministry also looks out to see if large foreign companies are actually willing to be a part of this long-term investment when it comes to the exploration drive before any commercial discoveries are made.

Notably, the acreage on offer has in it seven large blocks that exist from 1800 to 5500 square kilometres across the Ustyurt Plateau, which is a desert that spans southwest Uzbekistan and southeast Kazakhstan.

Apparently, six of the Ustyurt blocks were already on offer in March last year; however, they failed to draw any foreign commitments after Russia’s war in Ukraine led to a spike in the risk profile of Kazakhstan.

Almost 90% of Kazakh oil exports transit via Russia; however, the country has now announced a commitment to go ahead with varied export routes. The Ustyurt Plateau consists of the Aral Sea, which has almost dried up in the last 50 years. This area is thought to have deposits of commercial hydrocarbon resources. As per the ministry, the two areas, Aral North and Aral South, totaling 9600 square kilometres, are up for grabs.

Apart from the Ustyurt and Aral areas, the authorities are also hoping to auction numerous other big, unexplored blocks located in the Aktyubinsk and Atyrau regions that happen to be near the present oil fields.

All that investors have to do is fill out an application in order to participate in the online auction. These applications can be filed through Gosreesrt, the state auction operator; however, there aren’t any deadlines shared by the ministry as of yet.

Once the received applications are reviewed by the authorities, an auction date shall be announced, and thereafter more information on blocks along with exploration commitments will be shared.

This information, upon receiving it, shall help the investors decide whether they would like to go ahead with the auction participation, and if they agree, a non-refundable deposit will have to be made.

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G7 Confirms Maintaining The Russian Oil Price Cap At $60 https://www.oilandgasadvancement.com/news/g7-confirms-maintaining-the-russian-oil-price-cap-at-60/?utm_source=rss&utm_medium=rss&utm_campaign=g7-confirms-maintaining-the-russian-oil-price-cap-at-60 Tue, 18 Apr 2023 14:34:03 +0000 https://www.oilandgasadvancement.com/uncategorized/g7-confirms-maintaining-the-russian-oil-price-cap-at-60/ Keywords- Lessen Russia’s Capacity To Finance Its War, Russian Oil Import Restrictions, Russian Oil And Products, Halt On Global Crude And Product Supplies. Russia’s Ability To Get The Much-Needed Export Revenue. The G7 coalition, in a latest move will keep the capping of $60 per barrel when it comes to seaborne Russian oil, an official […]

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Keywords- Lessen Russia’s Capacity To Finance Its War, Russian Oil Import Restrictions, Russian Oil And Products, Halt On Global Crude And Product Supplies. Russia’s Ability To Get The Much-Needed Export Revenue.

The G7 coalition, in a latest move will keep the capping of $60 per barrel when it comes to seaborne Russian oil, an official confirmed. This is despite the global crude prices which are rising and also calls by certain countries so as to lower revenues of Moscow.

Apparently, the G7 as well as Australia have come up with the decision to maintain capping over the past few weeks after a review was held in December of the $60 price. The idea is to lessen Russia’s capacity to finance its war.

This comes post four weeks of benchmark oil price gains that were helped by the output cut that was announced by OPEC+, which has the organisation of petroleum exporting nations as well as allies that are led by Russia. It is well to note that the Russian crude has been sold at a discounted price of $30 to Brent, as per an official.

As per the coalition officials, the price cap happened to be working to limit the Russian revenue as well as maintain market stability; however, it also said that they would partner to make sure to the point monitoring as well as enforcement. The coalition is also seeking to intensify efforts when it comes to taking care of the price cap as well as the sanctions that have been imposed by Russia, including the use of deceptive practises so as to access insurance as well as other coalition services when it comes to oil being traded above the cap.

Notably, the collation members are planning to share guidance so as to help the service providers pinpoint the red flags for evasion, like the manipulation of ships tracking of location or even failure when it comes to itemising shipping, freight, and insurance costs separately from oil.

The US Treasury also issued a warning on April 17 about a probable evasion of the price cap on oil that is being exported through the Eastern Siberian Pacific Ocean pipeline as well as eastern Russian ports.

The US Treasury Department recommended that the traders go on to retain their documents that showed Russian oil as well as oil products were purchased either at the cap or below it. Significantly, the oil price cap bans G7 as well as EU companies from offering insurance, transportation, and financing services for Russian oil and products if they are being sold above the price cap.

As expected, Britain and the US too have imposed Russian oil import restrictions. According to an official, the recent IEA report stated that the G7 sanctions had indeed been effective in not putting a halt on global crude and product supplies, but at the same time, they had also curtailed Russia’s ability to get the much-needed export revenue.

As per the IEA, March oil revenue of Russia increased by $1 billion M-o-M to $12.7 billion; however, it was 43% lower than the year before.

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Russian Fuel Supplies To Iran Through Rail Begin – Sources https://www.oilandgasadvancement.com/news/russian-fuel-supplies-to-iran-through-rail-begin-sources/?utm_source=rss&utm_medium=rss&utm_campaign=russian-fuel-supplies-to-iran-through-rail-begin-sources Thu, 13 Apr 2023 09:52:37 +0000 https://www.oilandgasadvancement.com/uncategorized/russian-fuel-supplies-to-iran-through-rail-begin-sources/ Russia has begun exporting fuel to Iran via the rail route this year for the very first time as traditional buyers moved away from Moscow. Russia as well as Iran, who both happen to be under sanctions by the west, are moving closer to each other so as to support their respective economies and to […]

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Russia has begun exporting fuel to Iran via the rail route this year for the very first time as traditional buyers moved away from Moscow.

Russia as well as Iran, who both happen to be under sanctions by the west, are moving closer to each other so as to support their respective economies and to also undermine western sanctions, which are being termed unjustified by Tehran and Moscow. Western sanctions on Russian oil products have gone on to reshape the global fuel markets as the tankers are now bound to take longer routes.

Apparently, in February and March of this year, Russia supplied 30,000 tonnes of gasoline as well as diesel to Iran, as confirmed to Reuters by two sources privy to the situation.

It is well to note that all the volumes happened to be supplied through rail from Russia via Turkmenistan and Kazakhstan. The gasoline cargoes were thereafter sent by Iran to neighbouring nations, including Iraq, confirmed a source.

Iran is a big oil producer with its own set of refineries; however, recently, its consumption has gone beyond domestic fuel production, specifically in its northern provinces.

Russia had already supplied small volumes of fuel to Iran through tankers via the Caspian Sea, as happened in 2018.

Russian oil companies are presently inclined towards exporting diesel and gasoline to Iran through rail since exports by sea are bound to be charged heavy freight rates, and, of course, there is a price cap that is imposed by the G7 countries. That said, the rail exports also face bottlenecks along the route.

As per one of the sources, the fuel supplies to Iran are expected to increase this year; however, there are numerous issues pertaining to logistics because of rail congestion, which may keep exports from booming.

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